Word: tolde
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...because of the risks involved. Operating in Iraq means investing billions in an unstable country where foreign oil workers are routinely kidnapped and insurgents have blown hundreds of holes in pipelines. Rochdi Younsi, until last month the director of Middle East and Africa for the Eurasia Group in Washington, told TIME that the auction was "a fiasco and embarrassment," saying that the government "thought oil companies would do absolutely anything to get into Iraq...
...Fresh from a trip to Baghdad, Yves-Louis Darricarrère, who heads global exploration and production for the French energy giant Total, told TIME in early November that oil executives all feared being left out of the rush. "Iraq is extremely important for the industry and for world supply," he said. Even though Total dropped its bid in June for one of Iraq's fields, it is now considering several others on offer in a second round of bids, which Iraq's government has scheduled for mid-December; Iraqi oil officials say they expect about 45 companies to compete...
...equipment. The country produces just 2.5 million barrels a day, down from 2.8 million barrels before the U.S. invasion and a sharp drop from its high of 3.7 million barrels in 1979, when Saddam boosted production to finance his calamitous war with neighboring Iran. A government adviser recently told Britain's Independent newspaper that only about one-third of the 1,400 wells in southern Iraq are functioning. Oil Minister Hussein Shahrastani estimates it will cost about $50 billion to upgrade infrastructure needed to produce Iraq's target of 6 million barrels a day by 2017. "Iraq's oil industry...
...world's largest HIV/AIDS population continue to drag on the country. But whereas Mbeki stoked a national mood of frustration by denying such crises existed, Zuma concedes they are real and even accepts blame. "These challenges are based in reality," the 67-year-old told TIME in a rare interview. "And it's only when you admit there have been deficiencies and weaknesses that you make sense to the people, who can see them for themselves. After 15 years [in power], people are saying: Where is the delivery...
...came to understand and to be angry about colonial oppression." An old-fashioned, almost Victorian outlook remains. He may embrace polygamy - in a nation of millions of single mothers, Zuma calls it socially responsible - but the President disapproves of alcohol and television (both are "killing the nation," he told the teachers' conference in Durban), has boasted about how as a boy he used to "knock out" homosexuals and laments the disappearance of corporal punishment. Such back-to-basics views may be offensive to South Africa's élite and the ANC's more liberal members but they're also incredibly...